After witnessing a sharp 20% year on year jump in February, India’s LNG again increased by 6% in March on the same basis.
Imports in March were 2.07bn m³, latest data published by oil ministry’s Petroleum Planning and Analysis Cell showed.
For the 12-month period ending March 31 2017, India’s LNG imports were up by a healthy 15.5% on year at 24.6bn m³. LNG imports during 201617 were the highest during the last four years.
Qatar is the largest supplier of LNG to India. Given the backdrop of low global LNG prices, Petronet LNG insisted on renegotiating its long-term contract with RasGas. In December, the two parties signed a revised deal. The revised formula bases the price on a three-month average figure of Brent crude oil, replacing a five-year average of a basket of crude imported by Japan.
India has four operating LNG terminals: Dahej, Hazira, Dhabol and Kochi. According to a document released by the oil ministry on June 3, India’s LNG terminal capacity could more than double by 2022 as existing terminals expand and new ones are commissioned.